CAMS7 - Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Pass-Sure Test Simulator

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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Understanding Risks and Methods of Financial Crime	26%	- Money laundering stages and techniques 1. Methods across financial sectors and businesses 2. Placement, layering, integration - Sanctions regimes and compliance risks 1. UN, EU, OFAC frameworks 2. Risk identification and mitigation - Terrorism financing and proliferation financing 1. Distinctions from money laundering 2. Sources and mechanisms - Financial crime risks and consequences 1. Institutional, individual, economic and social impacts
Global Anti-Financial Crime Frameworks, Governance and Regulations	24%	- International standards and bodies 1. FATF 40 Recommendations 2. Basel Committee, Wolfsberg Group, UN conventions - Regional and national regulations 1. EU AML Directives 2. USA PATRIOT Act and extraterritorial laws - Governance, accountability and ethics 1. Roles of board, senior management and compliance function 2. Ethical obligations and professional standards
Tools, Technologies and Investigations	22%	- Remediation and response 1. Corrective actions and regulatory engagement - Technology and systems 1. Cryptoasset and virtual asset compliance 2. Monitoring systems, screening tools, data analytics - Investigation processes and evidence handling 1. Cooperation with authorities and information sharing 2. Case management and escalation
Building and Managing Anti-Financial Crime Compliance Programs	28%	- Training, awareness and internal communication - Audit, testing and continuous improvement - Program framework and policies 1. Policies, procedures and controls design 2. Risk assessment and risk-based approach - Monitoring, reporting and record keeping 1. Legal record retention requirements 2. Suspicious activity reporting (SAR/STR) 3. Transaction monitoring and alert management - Customer due diligence and know-your-customer 1. politically exposed persons and high-risk clients 2. CDD, EDD, beneficial ownership identification

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q349-Q354):

NEW QUESTION # 349
In the process of mutual evaluations and subsequent follow-ups used by the Financial Action Task Force (FATF) to assess the quality of various jurisdictions' AML controls, the FATF:

A. conducts a peer review process whereby member countries assess the AML controls of other jurisdictions and provide recommendations for improvement.
B. conducts on-site inspections of financial institutions in jurisdictions with lax AML controls to identify deficiencies and recommend improvements.
C. publishes annual reports ranking all member jurisdictions based on their self-assessment of AML controls.
D. imposes economic sanctions on jurisdictions with lax AML controls to force them to strengthen their controls.

Answer: A

Explanation:
The FATF conducts mutual evaluations-a peer review process-whereby member countries assess each other's AML/CFT systems. This includes on-site visits and reviews by international experts, with public reports containing recommendations for improvement. The process is not punitive and does not impose sanctions.
"FATF mutual evaluations are peer reviews in which experts from member countries assess another member's AML/CFT system and provide recommendations." (CAMS 6th Edition, International AML/CFT Standards; FATF Methodology, Recommendation 40) References:
CAMS 6th Edition, FATF Mutual Evaluations
FATF Methodology for Assessing Technical Compliance and Effectiveness

NEW QUESTION # 350
A high volume of incoming wire transfers generates an alert about a client. The funds are immediately debited by cash withdrawals and outgoing wire transfers.
Which information should be reviewed first to investigate this alert/case?

A. Customer profile
B. Open source information
C. Account activity
D. Adverse media search

Answer: A

NEW QUESTION # 351
During which process must a country demonstrate to the Financial Action Task Force (FATF) that it has an effective framework to protect the financial system from abuse?

A. Formal assessment
B. Mutual evaluation
C. Regulatory overview
D. Technical analysis

Answer: B

Explanation:
In a mutual evaluation, a country must demonstrate to the FATF that it has an effective framework to protect its financial system from abuse. This process assesses both technical compliance with FATF Recommendations and the effectiveness of the country's AML/CFT measures.

NEW QUESTION # 352
Which activities are part of adverse media screening for negative news and reputational risks?
(Select Three.)

A. Analyzing customer sentiment through feedback and surveys
B. Scanning publicly available news articles and regulatory alerts
C. Periodically monitoring regulatory updates and enforcement actions for associated entities
D. Identifying individuals or entities linked to criminal activities or sanctions
E. Monitoring changes in credit scores of individuals or entities

Answer: B,C,D

Explanation:
Adverse media screening seeks to identify reputational or financial crime risk by:
B: Identifying links to criminal activity or sanctions.
C: Monitoring regulatory actions and updates for risk associations.
D: Regularly scanning news and public records for negative information.
"Adverse media screening involves collecting and reviewing publicly available information, news, and regulatory actions to detect links to criminal activity or reputational risks."

NEW QUESTION # 353
The role of FATF-style regional bodies (FSRBs) is to; (Select Three.)

A. identify and address any gaps in the AML/CFT policies for members outside of their FSRB jurisdiction.
B. coordinate technical assistance for members in their FSRB jurisdiction
C. set and amend the FATF 40 Recommendations for members in their FSRB jurisdiction.
D. provide AM L/C FT technical assistance needed by members in their FSRB junsdiction.
E. identify and address the current financial crime trends through the issuance of typologies originating in members outside of their FSRB's Jurisdiction.
F. offer mutual evaluation and follow-up processes for members in their FSRB Jurisdiction.

Answer: B,D,F

NEW QUESTION # 354
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